RE:If We Do Not Hit OilAOI is more of a committed partner, Eco is dependent upon them for some funding and their expertise in mutually beneficial blocks. Jethro and Joe were successful in that they both discovered oil (a lot of oil) but it was heavy and sulfuric. This was based upon wildcatting at lowest cost as tertiary is shallower. The good news is the oil system was thus proven, then came Carapa which was a mixed bag (via Tullow). it further proved the cretacious is the sweet spot but that shallower depths of water had less thick traps. if you look at the original CPR publised the area in the north east near hammerhead has around 1.2 - 1.4 billion barrels prospective in the cretacious.
having gone 2-2 previously, Eco will target these areas. even at 20% and a single discovery of say 600 million barrels the math would look something like this:
600 mil barrels X .20 = 120 mil barrels which are tax advantaged. So roughly $2.5 a barrel conservatively. So $300 million net or around $.75 a share. If they hit on the first you'd expect the 2nd well to be significantly derisked. So $1.5 isn't out of the realm of possibilities on Guyana alone